Bitcoin Price Today – Bitcoin’s Below $50K as Investors’ Wait and See’ Amid Market Reset
Bitcoin Price Today was trading within a narrowed range on Thursday, as investors and traders were cautiously optimistic after the latest pullback, which took bitcoin’s selling price down close to $45,000 earlier this week.
Bitcoin Price Today (BTC) trading around $49,194.33 as of 21:00 UTC (four p.m. ET). Slipping 0.13 % over the preceding twenty four hours.
Bitcoin’s 24-hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades beneath its 50-hour and 10-hour averages on the hourly chart, a bearish signal for market specialists.
Trading volumes have been far less than earlier in the week when traders scrambled to adjust positions as the market fell 15 % in two days, probably the biggest such decline since the coronavirus-driven sell-off of March 2020. The eight exchanges tracked by CoinDesk had a combined spot trading volume of less than $4 billion on Thursday as of press time. The figure had surged above $10 billion on Monday and Tuesday and was somewhat above $5 billion on Wednesday.
In the derivatives market, bitcoin’s alternatives open interest is gradually returning after it dropped Tuesday slightly out of an all time peak of about $13 billion on Sunday. Source: FintechZoom
“Bitcoin’s current market is quite silent today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is actually going back again to ordinary once the acute arrangement liquidations suffered a few days before. Close to six dolars billion worth of long later contracts had been liquidated. The market is now attempting to consolidate above the $50,000 level.”
As FintechZoom reported earlier, traders are likewise watching carefully for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ climbing worries about the sharply growing 10-year U.S. Treasury yields. Some analysts in marketplaces which are traditional have predicted that rising yields, usually a precursor of inflation, may appear to encourage the Federal Reserve to tighten monetary policy, which might send out stocks lower.
Surging bond yields seemed to have less of an effect on bitcoin’s price on Thursday. The No. one cryptocurrency briefly surpassed $52,000 during early trading hours, moving in the opposite direction of equities.
“Every time bitcoin goes below $50,000 there are players accumulating, thus bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.
Many market symptoms suggest that traders as well as investors remain largely bullish after a volatile price run earlier this week.
Huge outflows from institution-driven exchange Coinbase Pro to custody wallets imply that institutional investors are confident about bitcoin’s long term value.
On the alternatives market, the put call open interest ratio, which measures the number of put options open relative to call options, remains under one, and thus there continue to be more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of the hottest sell off.
Ether moves with bitcoin amid a quiet sector Ether (ETH), the second largest cryptocurrency by market capitalization, was lower on Thursday, trading around $1,575.65 and sliding 2.12 % in twenty four hours as of 21:00 UTC (4:00 p.m. ET).
The industry for ether was largely silent on Thursday, mirroring the activity in the bitcoin industry and moving in a narrowed range of $1,556.38-1dolar1 1,672.60 at press time.
“It’s notable that a lot of ether’s price action is really driven by bitcoin, as it is still stuck in the range that it’s had versus bitcoin since late 2018,” said Jason Lau, chief operating officer at San Francisco-based exchange OKCoin. “I would continue to look at the ETH/BTC pair.”
Different markets Digital assets on the CoinDesk 20 have been mostly in green Thursday. Notable winners as of 21:00 UTC (4:00 p.m. ET):
cardano (ADA) + 9.22%
kyber networking (KNC) + 9.12%
litecoin (LTC) + 7.8%
tezos (XTZ) + 3.37%
cosmos (ATOM) – 3.36%
chainlink (LINK) – 3.25%
ethereum traditional (ETC) – 1.01%
Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street immediately.
The FTSE 100 in Europe shut in the red 0.11 % following investors became concerned about the increasing bond yields in the U.S.
The S&P 500 in the United States shut down 2.45 % as investors had been spooked by the surging bond yields.
Oil was up 0.28 %. Cost per barrel of West Texas Intermediate crude: $63.40.
Gold was in the white 1.84 % as well as at $1771.46 as of press time.
The 10 year U.S. Treasury bond yield climbed Thursday to 1.525 %.